In the long run, in Markov analysis
A)all state probabilities will eventually become zeros or ones.
B)generally, the vector of state probabilities, when multiplied by the matrix of transition probabilities, will yield the same vector of state probabilities.
C)the matrix of transition probabilities will change to an equilibrium state.
D)the matrices will become inverted.

Question

Quizplus · Accepted Answer

In the long run, the vector of state probabilities will reach a steady-state or equilibrium but it does not mean that all probabilities will become zeros or ones. In Markov analysis, the vector of state probabilities, when multiplied by the matrix of transition probabilities, will indeed yield the same vector of state probabilities. This is because the Markov process satisfies the Markov property and the probabilities of moving from one state to another depend only on the current state and not on the past history. The matrix of transition probabilities does not change to an equilibrium state, but the vector of state probabilities does. Matrices do not become inverted in Markov analysis.

In the Long Run, in Markov Analysis